Promotions at Goldman Sachs; Cohn in spotlight

Jon Winkelried and Gary Cohn were named presidents and co-COOs and will serve under Lloyd Blankfein, the incoming CEO. Winkelreid was co-head of the investment banking division, and Cohn co-headed the securities trading business. John Weinberg, the vice-chairman designate, will remain as co-head of investment banking. The moves seem to give equal weight to the investment bankers and the traders. Meanwhile, Deputy Secretary of State Robert Zoellick has announced he will take a position at Goldman Sachs.

Gary Cohn is no stranger to tussles with traders. He likely won the respect of Lloyd Blankfein when in 2000 he mounted a campaign to bring more automation to the floor of the NYMEX. The floor traders were so enraged they claimed Cohn breached his fiduciary duty as an exchange board member, arguing that he improperly tried to broker a deal between NYMEX and Goldman Sachs. He was clear that he wanted the exchange to invest in an electronic-trading venture that was backed by Goldman, Morgan Stanley and other Wall Street firms.

> Here's an update on the promotions at Goldman Sachs from the AP.
> Check out the New York Post article for more on Gary Cohn.